Carlos Slim Avoids $1 Billion Fine in Antitrust Deal

Billionaire Carlos Slim’s America Movil SAB struck a deal with Mexican regulators to avoid paying a fine of almost $1 billion, in exchange for cutting wireless fees and offering calls to competitors for no extra charge. The agency voted unanimously to overturn the fine it assessed in April 2011, the Federal Competition Commission said. The commission will be able to fine Mexico City-based America Movil, the largest wireless carrier in the Americas, as much as 8 percent of its annual Mexican wireless revenue if it violates the pledges. America Movil has 70 percent of Mexico’s mobile- phone lines and 80 percent of land lines.